India, Aug. 21 -- Removal of the 12% and 28% slabs of the Goods and Services Tax (GST) was supported, with some suggestions, by the relevant Group of Ministers (GoM) on Thursday. It now goes to the GST Council for final consideration, following up on Prime Minister Narendra Modi's Independence Day announcement of rationalising the indirect tax regime.

Once the move is approved by the GST Council, only the 5% and 18% slabs of the existing four will remain; plus a 40% slab may be introduced for ultra-luxury goods.

The GST Council, which is led by union finance minister Nirmala Sitharaman and has ministers from all states as members, will consider the feedback, including questions on states' share and compensation for revenue loss.

"Every...